How Long to Refinance?
I began a refinance adventure more than 4 months with Wells Fargo (they have my current mortgage as well). We have 50% equity in the house. WF did an appraisal and it came back at higher than we paid. Anyway, I have been receiving the run around for months now. I dont understand why this…
I began a refinance adventure more than 4 months with Wells Fargo (they have my current mortgage as well). We have 50% equity in the house. WF did an appraisal and it came back at higher than we paid. Anyway, I have been receiving the run around for months now. I dont understand why this is taking so long. I feel like they are delaying in the hopes that I give up. We locekd in at 4.875% (no points), and I think they want is to just go away. Is it normal for a refinance today to take so long????
Thanks
Splenda,
i’m up to about 8 months now with Wells…they don’t respond to e mails, leave dozens of messages with this numb nuts in minneapolis….what’s amazing is that when u move on to another broker u have to formally withdraw application from another bank…it’s really not hard to see how these pricks lost so much $….no due diligence when mkt is screaming…now they’re all being hard as$es when mkt’s on way down….Collateral? Credit ? the only thing these mothers understand r FEES
Hey Brownstonerlogin — we are refinancing our apt in a small (4 unit) coop, also with Wells Fargo. Do you also have an issue with the audited financial statement requirement? They are asking for it, but our building has always done unaudited. Even our coop accountant is suprised about the requirement.
Exact same situation with Wells Fargo–they have our current mortgage, and we started the refi process about 5 months ago. Being in a small co-op has been a big part of what’s slowed things down for us–apparently it takes longer for them internally to “approve” things with this kind of building. I’ve at least been getting pretty quick responses when I email/call, but they just seem to belabor every little detail of the process… Sigh. Glad to hear I’m not the only one in this boat, at least.
5w30 – Just closed my BOA ordeal last week. Started 3/1. Couldn’t agree with your comments more. They made us ultimately go through Fannie Mae since one entity/person owned more that 10% of the units in our building. Thankfully they extended our rate through the process.
To the OP: hang in there. As you can see, it’s all too common in the NYC market.
I did mine with Bank of America. What a bunch of incompetent nincompoops. I thought it would be easy as they held my original mortgage. BofA is still overwhelmed with re-fi applications. Plus they don’t have New York-smarts equipped personnel that can deal with our complex co-op and condo laws. I did re-negotiate all the closing costs. It took over 8 months to complete the entire process. Never again.
If you get hung up in your process, threaten to go to the federal Comptroller of the Currency … the agency that deals with nationally chartered banks [the ones with N.A. after the company name] with a complaint, and file one if things get sticky. It can be done online. Also complain to the person at the top – look in the wACHOVIA website [as Wachovia owns Wells Fargo] to see who highest person is in terms of the loans and mortgages area – and write that person a formal, US-mailed letter.
BofA took so long (5 months) that my credit report expired. When I told them they couldn’t run my credit again (I had already closed with HSBC at a better rate) they offered to waive the fee on the point and to give me 1000$ towards closing. Don’t sweat it. I was calling HSBC every day since they seemed to be dragging their feet as well (4 months).
It’s taking me forever also, think I started this in April. Documents expired so I have to resubmit. Apparently rates just took a dive this week. Might even lock in today if I’m far enough down that road…
They’ll waive any fee if you complain. Just did Wells refi. Timeline kinda typical.
My re-fi with HSBC also took forever and I had to call all the time. I think the banks are just overwhelmed. I’d keep at it, calling every day. Don’t pay extra to extend – the delay is their fault and they know it.